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625 Parra Grande Lane, SANTA BARBARA, CA 93108, SANTA BARBARA, 93108 - 4 bed, 3 bath

625 Parra Grande Lane, SANTA BARBARA, CA 93108 home-pic-0
ACTIVE$5,000,000$1,715/sqft
625 Parra Grande Lane, SANTA BARBARA, CA 93108
4Beds
3Baths
1,715Sqft
44,431.199Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 44431, living area = 1715.
Top Cons:
Substantial Additional Investment Required: The current structure is a 'quaint' 1959 residence, implying the buyer is primarily purchasing the land and plans, necessitating significant construction costs beyond the purchase price.

Compared to the nearby listings

Price:$5.00M vs avg $6.00M ($-1,000,000)38%
Size:1,715 sqft vs avg 2,795 sqft27%
Price/sqft:$2.9K vs avg $1.4K94%

More Insights

Built in 1959 (67 years old).
Condition: The property, built in 1959, is explicitly marketed as a development opportunity, with the listing highlighting 'ready to issue' plans for a new luxury residence and describing the current structure as 'quaint.' While the existing home appears maintained and livable, its kitchens and bathrooms are significantly outdated in style and features, requiring substantial renovation to meet modern standards. The main kitchen features dated wood cabinets, older appliances (some newer elements like countertops and backsplash), and dated tile flooring. The second kitchen (likely in a guest house) also has dated cabinets, tile, and backsplash, despite a high-end range. Other areas show a mix of dated tile, older carpet, and some newer laminate flooring. Given the age of the property and the need for extensive modernization of major components like kitchens and bathrooms, it falls into the 'poor' category, as it requires substantial rehabilitation to align with current market expectations for a luxury property in Montecito.
Year Built
1959
Close
-
List price
$5M
Original List price
-
Price/Sqft
$2,915
HOA
$0
Days on market
-
Sold On
-
MLS number
25-856
Home ConditionPoor
Features
Good View:
Deck
Patio
View-

About this home

Rare opportunity in the center of Montecito! Nestled at the end of a private lane, this south facing property offers an exceptional blend of privacy & convenience, just a mile from the Upper Village. Quaint 3 bedroom main residence with GH on a full acre. Architects from Electric Bowery offer this opportunity for a single family residence with plans for a 4,332 SF residence. Featuring natural materials & thoughtful landscaping, as well as a 1,200sf guest house, pool, & outdoor gym structure. The property is directly adjacent to a sprawling, park-like estate providing direct views to a grove of old-growth Oak trees. The proposed main residence has 5 bedrooms, a generous 3-car garage, a great room with chef's kitchen, breakfast nook, and adjacent family room, along with a grand living room with soaring pitched ceilings. Each bedroom has an en-suite bathroom, while the primary suite features a large walk-in closet and spa-like bathroom with a shower that exits directly to lead to the outdoor gym and cold plunge. All living spaces open out to the pool deck and yard, for fluid, indoor-outdoor living. The project has been approved by all local jurisdictions and permits are "ready to issue" for an owner or contractor.

R
Randy Solakian Estates Group
Listing Agent

Price History

Date
Event
Price
05/11/23
Sold
$3,700,000
Condition Rating
Poor
The property, built in 1959, is explicitly marketed as a development opportunity, with the listing highlighting 'ready to issue' plans for a new luxury residence and describing the current structure as 'quaint.' While the existing home appears maintained and livable, its kitchens and bathrooms are significantly outdated in style and features, requiring substantial renovation to meet modern standards. The main kitchen features dated wood cabinets, older appliances (some newer elements like countertops and backsplash), and dated tile flooring. The second kitchen (likely in a guest house) also has dated cabinets, tile, and backsplash, despite a high-end range. Other areas show a mix of dated tile, older carpet, and some newer laminate flooring. Given the age of the property and the need for extensive modernization of major components like kitchens and bathrooms, it falls into the 'poor' category, as it requires substantial rehabilitation to align with current market expectations for a luxury property in Montecito.
Pros & Cons

Pros

High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 44431, living area = 1715.
Prime Montecito Location: Unbeatable location in the heart of Montecito, offering both privacy at the end of a private lane and convenient access to the Upper Village.
Permit-Ready Development: All local jurisdictions have approved plans, and permits are 'ready to issue,' significantly de-risking and accelerating the construction of a luxury estate.
Expansive Lot & Privacy: A full acre, south-facing lot nestled at the end of a private lane, ensuring exceptional privacy and ample space for a grand residence and amenities.
Approved Luxury Estate Plans: Comprehensive plans for a 4,332 SF 5-bedroom main residence, 1,200 SF guest house, pool, and outdoor gym, designed for modern indoor-outdoor living.
Scenic Natural Views: Direct views of a sprawling, park-like estate with old-growth Oak trees, providing a serene and picturesque backdrop.

Cons

Substantial Additional Investment Required: The current structure is a 'quaint' 1959 residence, implying the buyer is primarily purchasing the land and plans, necessitating significant construction costs beyond the purchase price.
High Entry Price Point: Listed at $5 million, representing a substantial increase from its last sale in May 2023 ($3.7 million), indicating a premium for the development potential and location.
Construction Project Management: While permits are ready, the buyer will still need to undertake and manage a large-scale construction project, which involves significant time, effort, and potential unforeseen challenges.
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